Public finance bulletin: January 2007

Headline Comparisons

Central government current receipts in December were 9.1% higher than in the same month last year. Last month's Pre-Budget Report forecast for 2006-07 implies an increase over last year's levels of 6.9% for the year as a whole and of 7.1% for the period from November 2006 to March 2007. The latest figures show an increase over last year's levels of 6.7% for the year to date and a 6.6% increase in November and December 2006 over the same two months last year.

Central government current spending in December was 4.8% higher than in the same month last year. Last month's Pre-Budget Report forecast for 2006-07 implies an increase over last year's levels of 5.0% for the year as a whole and of 2.7% for the period from November 2006 to March 2007. The latest figures show an increase over last year's levels of 6.1% for the year to date and a 4.0% increase in November and December 2006 over the same two months last year. The ONS/HMT press release notes that the allocation of central government spending over the nine months of the current financial year which have already elapsed will be revised next month, however, the fact that growth in spending since the Pre-Budget Report is running above that required to meet the Chancellor's forecast is likely to remain.

Public sector net investment in December was £0.9bn higher (56.1%) than in the same month last year. Last month's Pre-Budget Report forecast for 2006-07 implies an increase of 30.2% for the year as a whole and an increase of 17.4% for the period from November 2006 to March 2007. The latest figures show an increase over last year's levels of 44.4% for the year to date and a 33.7% increase in November and December 2006 over the same two months last year.